Investment Outlook: Tough times – higher potential
We foresee a recession during 2023, followed by a more positive economic outlook in 2024 and beyond. Combined with reasonable asset valuations and a cautious attitude among investors, we believe it is still reasonable to maintain a largely neutral risk level. Still, our portfolios include some reallocations since our last Investment Outlook in September. “The balance between positive and negative factors has shifted. This influences our decisions regarding the appropriate distribution of risk. On the positive side, we see more appealing valuations of both equities and fixed-income